Homes Haven’t Been This Unaffordable Since 1989 The average monthly mortgage payment jumped 54% year over year in June while the median household income rose only 5.8%, according to the National Association of REALTORS®’ Housing Affordability Index. As home affordability weakened and the median home price shot to a record $413,800 in June, NAR’s index …
Tag: tips
Sep 02
Mortgage Rates Settle In the 5% Range
Mortgage Rates Settle In the 5% Range Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports. Mortgage rates peaked at 6% in early June, which prompted …
Aug 31
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’ Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the average for the 30-year …
Aug 31
Vulnerability to a Cyberattack Could Land You in Court
Vulnerability to a Cyberattack Could Land You in Court You’re putting your livelihood at risk if you’re “asleep at the wheel” when it comes to creating a data security plan, especially as the real estate industry faces growing cyberthreats, says Maame Nyamekye, staff attorney at the National Association of REALTORS®, in NAR’s latest “Window to …
Aug 30
Inventory Issues Block Foreign Investors
Inventory Issues Block Foreign Investors Worsening housing affordability and stubborn inventory shortages are not only pushing more Americans out of the real estate market but also blocking many foreign investors from purchasing homes in the U.S., according to the National Association of REALTORS®’ newly released 2022 Profile of International Transactions in U.S. Residential Real Estate. …
Aug 30
Volatility in Mortgage Rates as Recession Fears Grow
Volatility in Mortgage Rates as Recession Fears Grow Mortgage rates are showing volatility as the economy slows and recession fears take center stage. The 30-year fixed-rate mortgage rose to an average of 5.51% this week, up from 5.3% last week, according to Freddie Mac. Home buyers are facing rising costs across the spectrum. Inflation shot …
Aug 29
Bolder Fed Inflation Policy May Catapult Mortgage Rates
Bolder Fed Inflation Policy May Catapult Mortgage Rates Inflation rose to a new 40-year high in June and is accelerating even faster than expected, according to data from the Bureau of Labor Statistics’ Consumer Price Index. Consumer prices jumped 9.1% last month and posted an annualized inflation rate of 17%, much higher than economists predicted. …
Aug 29
Convert Renters to Home Buyers
Convert Renters to Home Buyers REALTORS® now have free access to Rental Beast, a software provider with a secure FCRA-compliant online rental application and tenant screening tool. The National Association of REALTORS® announced Tuesday that Rental Beast has become the newest addition to NAR REALTOR Benefits®. “NAR REALTOR Benefits® aims to provide products and services …
Aug 25
Technology REALTORS® Use the Most
Technology REALTORS® Use the Most REALTORS® use multiple technology platforms daily to promote their business and stay connected to clients. While smartphones and email are key tools that facilitate most of those connections, 53% of REALTORS® also use social media apps or GPS features daily, according to the National Association of REALTORS®’ 2022 Member Profile. Typing proves …
Aug 24
REALTORS® Expand Income Despite Low Inventory, Fierce Competition
REALTORS® Expand Income Despite Low Inventory, Fierce Competition Fierce competition in the industry didn’t stop REALTORS® from increasing their transaction sides and income over the last year, according to the National Association of REALTORS®’ newly released 2022 Member Profile. The booming housing market has prompted more people to pursue a real estate career, as NAR’s …
Aug 24
It’s the Most Expensive Year to Move Ever
It’s the Most Expensive Year to Move Ever Aside from rising mortgage rates and home prices, buyers are being squeezed by another escalating expense: the growing cost of moving services. This year has become the priciest for hiring movers in the nation’s history, according to a new study from HireAHelper, a moving resource. Some states …
Aug 23
Home Buying Is 5% Cheaper Than a Week Ago
Home Buying Is 5% Cheaper Than a Week Ago Mortgage rates are falling—at least for now—after posting rapid jumps in June. Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. Home buying is about 5% more affordable than a week ago, translating to about $100 less in …
